The deal, which the companies announced in April alongside Conceptus’ 1st-quarter earnings release, broadens Bayer’s portfolio of contraceptive choices, adding to it Conceptus’ Essure non-surgical, permanent birth control method.
"Bayer is committed to augmenting its organic growth with strategic bolt-on acquisitions," CEO Dr. Marijn Dekkers said in prepared remarks issued when the merger was made public. "The acquisition of Conceptus represents an excellent fit for our healthcare business – specifically in the United States, the world’s most important health care market."
Conceptus shareholders largely agreed to Bayer’s $31 per share offer, which represented a nearly 20% premium on Conceptus’ $25.90 closing price on April 26, the day the merger was announced. CPTS shares have since jumped to $31.02, where they closed yesterday.
BAYRY shares were up 0.6% today, trading at $106.76 as of about 10:45 a.m.